FOREX TradingCharts.com

Forex News: Pound Falls On Rudd Resignation Over Immigration Scandal

Pound Falls On Rudd Resignation Over Immigration Scandal

04/30/2018 - 05:51:00 (RTTNews)

(RTTNews) - The pound drifted lower against its major counterparts in early European deals on Monday, as the resignation of U.K. Home Secretary Amber Rudd for "misleading" parliament over the Windrush scandal delivered a blow to Theresa May's government.

Rudd was forced to resign following intense criticism that she mislead Parliament over the targets for removing Windrush generation migrants.

The Guardian published a leaked letter to May in which Rudd had mentioned of her intention to increase deportation of illegal immigrants by 10% over the "next few years." This showed that Rudd had inadvertently misled parliament, by denying that there were no deportation targets.

In her resignation letter, Rudd said she had "become aware of information provided to my office which makes mention of targets. I should have been aware of this, and I take full responsibility that I was not."

Survey by the Confederation of British Industry showed that the UK private sector output grew at the weakest pace since late 2016.

The balance of firms reporting a rise in output came in at +3% in three months to April, the weakest growth since September 2016, down from +8 percent in the three months to March.

The currency rose against its major rivals in the Asian session, with the exception of the euro.

The pound slipped to 0.8819 against the euro, its weakest since March 16. Next key support for the pound is likely seen around the 0.90 level.

Figures from the European Central Bank showed that Eurozone supply growth eased at a faster-than-expected pace in March.

The broad monetary aggregate M3 climbed 3.7 percent year-on-year in March, weaker than the 4.2 percent rise seen in February. The expected growth was 4.0 percent.

The pound fell to 1.3731 against the greenback, a level unseen since March 1. The pound is seen challenging support around the 1.34 area.

The pound slipped to more than a 3-week low of 150.05 against the yen and near a 3-week low of 1.3584 against the franc, from its early highs of 150.54 and 1.3623, respectively. The pound is likely to find support around 148.00 against the yen and 1.34 against the franc.

Looking ahead, at 8:00 am ET, German preliminary CPI for April is due.

In the New York session, U.S. personal income and spending data and pending home sales, along with Canada industrial product price index, all for March, are scheduled for release.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2018 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Trading Mixed After Early Gains Erode (08 hr(s), 25 min(s), 50 sec(s) ago)
(RTTNews) - The dollar got off to a positive start Friday, but has since pared its early gains. Th ...Full Story»

Loonie Declines After Tame Canada Inflation Data, Dismal Core Retail Sales (13 hr(s), 19 min(s), 50 sec(s) ago)
(RTTNews) - The Canadian dollar fell against its major counterparts in the European session on Fri ...Full Story»

Loonie Retreats After Canada Retail Sales, CPI (14 hr(s), 43 min(s), 50 sec(s) ago)
(RTTNews) - At 8:30 am ET Friday, Statistics Canada has released Canada retail sales for March and ...Full Story»

Loonie Climbs Ahead Of Canada Retail Sales, CPI (14 hr(s), 52 min(s), 50 sec(s) ago)
(RTTNews) - At 8:30 am ET Friday, Statistics Canada will release Canada retail sales for March and ...Full Story»

Pound Slides Against Majors (15 hr(s), 37 min(s), 50 sec(s) ago)
(RTTNews) - The pound weakened against its major rivals in European deals on Friday, as sentiment ...Full Story»

Euro Little Changed After Eurozone Trade Data (18 hr(s), 13 min(s), 49 sec(s) ago)
(RTTNews) - At 5:00 am ET Friday, Eurostat has released Eurozone trade data for March. The euro ch ...Full Story»

Euro Mixed Ahead Of Eurozone Trade Data (18 hr(s), 19 min(s), 50 sec(s) ago)
(RTTNews) - At 5:00 am ET Friday, Eurostat releases Eurozone trade data for March. Economists expe ...Full Story»

Pound Falls Against Majors (19 hr(s), 07 min(s), 50 sec(s) ago)
(RTTNews) - The pound declined against its major counterparts in early European deals on Friday. ...Full Story»

Search

FOREX NEWS

Dollar Trading Mixed After Early Gains Erode

05/18/2018 - 14:52 PM (RTTNews)
(RTTNews) - The dollar got off to a positive start Friday, but has since pared its early gains. Th ...Full Story>>

Loonie Declines After Tame Canada Inflation Data, Dismal Core Retail Sales

05/18/2018 - 09:58 AM (RTTNews)
(RTTNews) - The Canadian dollar fell against its major counterparts in the European session on Fri ...Full Story>>

Loonie Retreats After Canada Retail Sales, CPI

05/18/2018 - 08:33 AM (RTTNews)
(RTTNews) - At 8:30 am ET Friday, Statistics Canada has released Canada retail sales for March and ...Full Story>>

Loonie Climbs Ahead Of Canada Retail Sales, CPI

05/18/2018 - 08:26 AM (RTTNews)
(RTTNews) - At 8:30 am ET Friday, Statistics Canada will release Canada retail sales for March and ...Full Story>>

Pound Slides Against Majors

05/18/2018 - 07:41 AM (RTTNews)
(RTTNews) - The pound weakened against its major rivals in European deals on Friday, as sentiment ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.